The level of investment in technology rose by more than one quarter to reach just £1 billion in 2012, reports idg.no.

This represents 28 per cent more venture capital for UK and Irish firms in the sector than in 2011, highlighting the potential for growth among these organisations. It is no secret that the coalition government sees technology as a major source of economic growth and new employment opportunities.

Corporate finance firm Ascendant provided the statistics, with the 2012 figures representing the highest level of investment since 2001, when the global economic downturn was nowhere near and investment in technology reached £1.9 billion.

As confidence continues to return to the sector, venues for hire in London may expect to see more corporate functions at which new technologies are promoted and start-ups seek to get additional financial backing.

One such opportunity for seed funding could come in the shape of US firm TechStars, who is bringing its funding programme to the UK via a merger with London-based Springboard, reports ft.com. The company decided London was the most suitable location for its European operations.

TechStars chief executive David Cohen and general partner Mark Solon met with representatives from the UK government last week to go through the details of their plans. In the US, the firm is well-known for the high-profile mentors that it provides for companies that get funded.